UK Oil & Gas Investments (UKOG) has announced that its subsidiary UKOG Solent has been granted a one-year extension to the initial term for its offshore P1916 licence by the Oil and Gas Authority.
UKOG Solent now owns complete interest in the P1916 licence until 31 January 2018.
UKOG executive chairman Stephen Sanderson said: “UKOG's future planned Isle of Wight operations are aimed solely at the extraction of oil from conventional naturally fractured limestone and sandstone reservoirs, not shale, and therefore will not utilise massive hydraulic fracturing.
“Our drilling on the island is intended to cause zero hazards to any groundwater by employing the same drilling fluids and practices used by the water supply industry to drill drinking-water abstraction wells within the UK's limestone aquifers.
“This drilling technology is intended to include the use of modern biodegradable drilling fluids, manufactured from 100% natural plant starches, which are approved for use under the UK's Water Supply Regulations.”
According to earlier reports of UK Oil & Gas Investments, P1916 hosts an undrilled Portland limestone conventional oil prospect, which is similar to the adjacent Arreton Portland oil discovery.
Arreton Portland oil discovery is located next to the UKOG’s onshore PEDL331 licence.
The company reported that a deeper Triassic sandstone prospect lies directly beneath the Portland target in P1916.
UKOG also intends to submit a planning application to drill one or more prospects in the Isle of Wight next year.